Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
26 Oct 2022

Silver Price Analysis: XAG/USD treads water above $19.50

  • Silver prices' recovery stalls at $19.50 area.
  • A weaker USD underpins the precious metals recovery.
  • XAG/USD needs to breach an important resistance hurdle at $19.65/75.

Silver prices are trading higher for the second consecutive day on Wednesday, with the white metal extending its recovery from the $18.80 low on Tuesday to two-week highs at $1975, where it seems to have found a significant resistance hurdle.

USD weakness underpinning precious metals’ recovery

The XAG/USD appreciated earlier on Wednesday, fueled by a broad-based US dollar weakness, as the investors start to price in a slowdown on the Federal Reserve’s monetary tightening path.

The positive price action, however, has stalled right below the $19.65/75 area, where the 100-day SMA meets the 50% Fibonacci retracement level of the October 4-14 decline and the September 23 high.

A successful break above that area would put the pair aiming for the $20.00 psychological level (and the 61,8% Fib level of the aforementioned decline) before aiming at $20.85 October 6 and 7 highs.

On the downside, the 50-day SMA, at $19.00 is defending the pair from further decline, so far, with the next potential support area at $18.80 (Oct 25 low) ahead of the October 14 low at Oct 14.

XAG/USD daily chart

Silver daily chart

Technical levels to watch

 

 

Oct 26, 2022

United States 5-Year Note Auction fell from previous 4.228% to 4.192%

United States 5-Year Note Auction fell from previous 4.228% to 4.192%
Read more Previous
Oct 26, 2022

WTI reaches two-week highs at around $88.00 on soft US Dollar

WTI soared during the New York session, propelled by the overall US Dollar weakening, tumbling more than 1%, while WTI’s exports hit an all-time high
Read more Next